The talent marketplace: A comprehensive guide

The talent marketplace: A comprehensive guide

May 21, 2024
Anna Mikhaleva
by Anna Mikhaleva, Product Owner
Talent management is a comprehensive strategic approach to managing the workforce. HR specialists have to take care of multiple areas, from recruiting and onboarding new hires to encouraging their professional development with business needs in mind.
To better organize these processes, a digital talent marketplace can be used. It is a specialized AI-powered software that helps create a flexible career growth environment. Let’s explore the main features and benefits of talent marketplaces and review the key steps of their implementation.

What is the talent marketplace?

A talent marketplace is a platform that makes it possible to keep track of all the employees’ skills and match them with suitable projects and roles. It not only complements the search on an external talent market but makes overall collaboration with the company more mobile and transparent. AI-powered HR solutions help analyze both business needs and employees’ goals, connect them, and speed up the processes.

How does a talent marketplace work?

An internal talent marketplace is a centralized database where employees can showcase their qualifications, skills, and career development goals. They can explore new opportunities in terms of projects, departments, or locations, as well as training events. At the same time, HR professionals use this information to find suitable candidates for specific roles and initiatives.

The role of technology in a talent marketplace

Technology is the foundation for a high-quality talent marketplace. This software requires specific infrastructure for talent management, including but not limited to transparent databases, analytics, and tools for matching people with appropriate roles, responsibilities, and training opportunities.

HR’s role in talent marketplaces

Although talent marketplace platforms are built upon algorithms, a human touch is still essential for agile talent allocation. HR specialists are the ones who implement these platforms, educate employees on their use, and optimize and manage the overall process. Determining the right candidate for a new position requires open communication, so while software can help find matches, it is for humans to evaluate them and handle discussions and negotiations.

7 key benefits of using a talent marketplace

Talent marketplace software can be beneficial in many ways, including the following:
  • Empower employees.These platforms make it simple to explore new professional opportunities within the company, contributing to higher employees’ autonomy and interest in professional development.
  • Boost employee retention rates. When employees are empowered to find new roles that align with their goals and interests, it can significantly increase their loyalty and decrease turnover rates.
  • Increase engagement & tenure. Sometimes, less engaged employees are the ones who are less informed. A transparent system like a talent marketplace makes it easier to identify and access internal opportunities. Since such platforms usually include information about all the requirements and criteria needed for a career switch or growth, employees tend to become more committed and result-oriented and stay with the company for a longer period due to new opportunities.
  • Upskill and reskill employees. A system for monitoring and evaluating an internal skill market provides a better environment for continuous learning and development that also aligns with business needs. Employees are more aware of the skills they have to obtain and the ways they can do it.
  • Meet business goals. Since automated talent tools make matching people and relevant projects more efficient, they can optimize recruitment costs and expedite the achievement of strategic objectives.
  • Improve diversity. Talent marketplaces ensure equal access to career opportunities for all employees, promoting inclusion and diversity.
  • Get a holistic view of your talent pool. Talent management software provides employers with a comprehensive workforce overview. Detailed analytics help identify top talents and potential skill gaps as well as employees’ capabilities and goals.

Talent marketplace vs. internal career site

Although they are similar in basic terms, a talent-sourcing marketplace differs from an internal career site in objectives and functionality. Internal career websites mostly focus on new job postings within a company and help make the application process more convenient.
On the other hand, the talent marketplace covers a larger number of tasks. It is an interactive and highly dynamic platform that boosts talent mobility not only in terms of new roles and locations, but also in specific projects, responsibilities, acquiring new skills, or requesting mentoring.

How to select a talent marketplace?

The choice of a talent management solution depends on several factors. First, the platform’s features and functions should be applicable to your particular company and help achieve business goals. If the majority of features seem to be unnecessary in your particular case and can’t be customized, it’s better to select another option.
Second, it’s important to pay attention to security measures, scalability, and potential integration with other HR systems you are using. Finally, it can be helpful to request demo versions of a talent software to assess its functionality first-hand. After implementation, it’s essential to monitor ROI and optimize the use of the platform as needed.

Steps in implementing a talent marketplace

  • Prepare the business case. To make sure your request for a talent marketplace has more chances to be accepted, communicate its expected benefits in connection with the current company’s goals and challenges.
  • Prepare HR. Make sure the HR team has all the necessary resources and can obtain new skills in a reasonable time to manage the platform effectively.
  • Engage employees. It can be a wise step to start educating employees and key stakeholders about the uses and advantages of an employment marketplace before its implementation is completed.
  • Implement new processes. Once the talent management software is rolled out, prepare clear processes and metrics that will make its use easier and more transparent.
  • Optimize the platform. HR analytics become even more important when you use a talent marketplace. Continuously monitor if the platform enhances employees’ experiences and helps the HR department achieve the set goals and optimize the software and processes accordingly.

How to use a talent marketplace effectively in your organization

Using an external talent marketplace may seem simpler because it’s more common and better organized due to prolonged use. However, if you properly set up an internal platform for talent management, it will bring major benefits for both employees and employers. Here are a few steps to consider:
  • Define the purpose and goals. Such platforms can have broad functionality. However, it’s important to focus on the ones that help resolve the most critical issues. It’s normal for these goals and uses to transform over time, but at every moment, the purpose should be clear.
  • Facilitate the talent marketplace adoption. In addition to handling the technical side, provide support and training to the workforce. New motivations and incentives can also help encourage the use of the talent platform.
  • Evaluate effectiveness. Regularly assess the impact and efficacy of the talent marketplace and customize the features or processes if necessary.
  • Make internal mobility a part of your culture. Although it is a long-term initiative, promoting internal mobility will bring benefits. Make sure the company’s culture fosters employee growth and monitor statistics to adjust the talent management system.

In conclusion

There are many hiring tips and tricks, and the use of modern technology is one of them. A talent marketplace can become a game changer if a company aims for better employee retention, higher loyalty, improved organizational resilience, and reduced time-to-fill. Follow the steps outlined above, from goal setting to optimization, and positive changes won’t keep you waiting.

FAQ

How can I know if a talent marketplace is right for my organization?

What's the ideal company size for a talent marketplace?

What measures are in place to ensure the quality and reliability of talent in a talent marketplace?

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